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REGISTERED NUMBER: 03587243 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Bennetts Of Ross Development Company
Limited

Bennetts Of Ross Development Company
Limited (Registered number: 03587243)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Bennetts Of Ross Development Company
Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: J W Bennett
Mrs L Bennett



REGISTERED OFFICE: Wilton Service Station
Ross On Wye
Herefordshire
HR9 6AE



REGISTERED NUMBER: 03587243 (England and Wales)



ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS



BANKERS: National Westminster Bank Plc
Market Place
Ross-on-Wye
Herefordshire
HR9 5BX

Bennetts Of Ross Development Company
Limited (Registered number: 03587243)

Statement of Financial Position
30 June 2023

30/6/23 30/6/22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,925,000 1,740,000

CURRENT ASSETS
Debtors 5 2,109 247
Cash at bank 6,249 810
8,358 1,057
CREDITORS
Amounts falling due within one year 6 90,032 76,995
NET CURRENT LIABILITIES (81,674 ) (75,938 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,843,326

1,664,062

CREDITORS
Amounts falling due after more than one
year

7

(104,816

)

(143,035

)

PROVISIONS FOR LIABILITIES 9 (37,147 ) (32,016 )
NET ASSETS 1,701,363 1,489,011

CAPITAL AND RESERVES
Called up share capital 10 50 2
Fair value reserve 497,578 317,036
Retained earnings 1,203,735 1,171,973
SHAREHOLDERS' FUNDS 1,701,363 1,489,011

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Bennetts Of Ross Development Company
Limited (Registered number: 03587243)

Statement of Financial Position - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2024 and were signed on its behalf by:





J W Bennett - Director


Bennetts Of Ross Development Company
Limited (Registered number: 03587243)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. STATUTORY INFORMATION

Bennetts Of Ross Development Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income due for the accounting period from the investment property.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Income Statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
Despite net current liabilities of £81,674 (2022 - £75,938) the accounts have been prepared on a going concern basis.

The directors have reviewed the future cash flows of the business and have expressed their willingness to financially support the company for the foreseeable future and therefore deem the going concern basis of preparation to be appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Bennetts Of Ross Development Company
Limited (Registered number: 03587243)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


4. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 July 2022 1,740,000
Revaluations 185,000
At 30 June 2023 1,925,000
Net book value
At 30 June 2023 1,925,000
At 30 June 2022 1,740,000

In August 2023, the residential investment properties were revalued on an open market basis by a local property agent. This has resulted in an increase to the investment property valuation at 30 June 2023 as reflected above.

If the investment properties had not been revalued they would have been included at their historic cost of £1,390,275 (2021 - £1,390,275).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Other debtors 2,109 247

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Bank loans and overdrafts 37,867 36,367
Trade creditors 900 187
Taxation and social security 7,976 7,764
Other creditors 43,289 32,677
90,032 76,995

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/23 30/6/22
£    £   
Bank loans 104,816 143,035

8. SECURED DEBTS

The following secured debts are included within creditors:

30/6/23 30/6/22
£    £   
Bank loans 142,683 179,402

The bank loan is secured by fixed and floating charges over the company's investment properties and other assets.

Bennetts Of Ross Development Company
Limited (Registered number: 03587243)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


9. PROVISIONS FOR LIABILITIES
30/6/23 30/6/22
£    £   
Deferred tax
Tax losses carried forward - (673 )
Other timing differences 37,147 32,689
37,147 32,016

Deferred
tax
£   
Balance at 1 July 2022 32,016
Provided during year 5,131
Balance at 30 June 2023 37,147

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/23 30/6/22
value: £    £   
2 Ordinary £1 - 2
5,000 Ordinary 'A' £0.01 50 -
2 Ordinary 'B' £0.01 - -
50 2

The following shares were allotted and fully paid for cash at par during the year:

4,800 Ordinary 'A' shares of £0.01 each
2 Ordinary 'B' shares of £0.01 each

During the year, the 2 x £1 ordinary shares were subdivided to 200 x £0.01 shares. These shares were then redesignated as Ordinary 'A' shares. Following this, a further 4,800 x £0.01 Ordinary 'A' shares were allotted in addition to 2 x £0.01 Ordinary 'B' shares.

11. RELATED PARTY DISCLOSURES

Bennetts of Ross Limited
A company controlled by the directors J W Bennett & Mrs L M Bennett

Bennetts of Ross Limited has loaned funds to the company. The loan balance outstanding at 30 June 2023 is £42,088 (2022 - £31,412). The loan, included within other creditors, is interest free with no fixed repayment terms.